Stocks steady as investors weigh stimulus talks - Fox Business

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Treasury Secretary joins 'Lou Dobbs Tonight' to discuss the state of negotiations for coronavirus relief bill.

Stocks lost some momentum mid-morning after a strong open that propelled the Dow Jones Industrial Average past the 28,000 level.

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Ticker	Security	Last	Change	Change %
I:DJI	DOW JONES AVERAGES	27840.81	+59.11	+0.21%
SP500	S&P 500	3380.27	+17.27	+0.51%
I:COMP	NASDAQ COMPOSITE INDEX	11305.034783	+137.53	+1.23%

A weaker read on ISM Manufacturing PMI impacting sentiment with a read of 55.4 below the 56 level that was expected.

The Nasdaq Composite led the gains with a 1.1% rise, while the S&P 500 was 0.6% higher and the Dow Jones Industrial was 0.49% higher with a gain of over 100 points.

837,000 AMERICANS FILE FOR UNEMPLOYMENT BENEFITS

In a late-morning news conference, Speaker of the House Nancy Pelosi said she was hopeful Congress would be able to reach a stimulus agreement with the White House, however, both sides are far apart as it pertains to state and local aid.

Treasury Steven Mnuchin, who is handling negotiations for the Trump administration, told FOX Business the administration would not agree to the $2.2 trillion stimulus deal put forth by congressional Democrats. Instead, President Trump instructed his negotiators to go above and beyond the Republican's initial $1 trillion offer, which Mnuchin described as "in the neighborhood" of $1.5 trillion.

Stocks rose Wednesday on hopes the two sides were coming closer together.

Investors are also digesting U.S. weekly jobless claims which came in at 837K slightly lower than the 850K that was expected but still elevated. Investors are also looking ahead to Friday's jobs data in which unemployment is expected to drop to 8.2% as employers added an estimated 850,000 jobs.

Personal Consumption rose 1% stronger than expected, as consumers spend, but income dipped -2.7%. And core PCE for August rose 0.3%.

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The proposal, which Mnuchin said he will discuss with Speaker of the House Nancy Pelosi again on Thursday, will include a second round of direct $1,200 payments to many Americans.

Ticker	Security	Last	Change	Change %
AAL	AMERICAN AIRLINES GROUP INC.	12.59	+0.30	+2.44%
UAL	UNITED AIRLINES HLDG.	35.08	+0.33	+0.94%

Also included in the proposal would be an additional $20 billion in aid for the battered airline industry. On Wednesday, both American Airlines and United Airlines said they would furlough 19,000 and 13,000 employees respectively.

Ticker	Security	Last	Change	Change %
GS	GOLDMAN SACHS GROUP INC.	199.85	-1.05	-0.53%
ALL	THE ALLSTATE CORPORATION	92.96	-1.18	-1.25%
DIS	WALT DISNEY COMPANY	123.54	-0.65	-0.52%

Late Wednesday, Goldman Sachs Group and Allstate announced they would resume layoffs. Goldman will cut approximately 1% of its workforce, or 400 people, according to Bloomberg, which first reported the news.

Allstate Inc. will cut 3,800 jobs, taking a $290 million restructuring charge, as it grapples with record low-interest rates and tries to lower costs.

“Implementing this plan is difficult as we still deal with the impact of the pandemic but necessary to provide customers the best value," said Tom Wilson, Chair, President and CEO of Allstate, in a release. "We have expanded transition support for impacted employees including prioritized internal hiring, extended medical coverage, expanded retraining support and help in employment searches.”

This comes as Disney announced plans to cut 28,000 employees.

Ticker	Security	Last	Change	Change %
F	FORD MOTOR COMPANY	6.72	+0.07	+1.05%

And Ford CEO Jim Farley announced a restructuring Thursday morning, which included naming a new CFO John Lawler.

At 10 a.m., the ISM Manufacturing Index for September will be released, with economists expecting a reading of 56. August construction spending is expected to show a rise of 0.8%.

At 10:30 a.m., natural gas inventories will be released.

Ticker	Security	Last	Change	Change %
STM	STMICROELECTRONICS N.V.	32.74	+2.06	+6.71%

On the corporate front, STMicroelectronics gained more than 7% in pre-market trading after the semiconductor manufacturer raised its 2020 revenue outlook on the back of strong third-quarter results.

Ticker	Security	Last	Change	Change %
JPM	JP MORGAN CHASE & CO.	97.08	+0.83	+0.86%
C	CITIGROUP INC.	43.10	+0.04	+0.10%
WFC	WELLS FARGO & COMPANY	23.45	-0.04	-0.19%

Bank stocks, including JPMorgan Chase & Co., Citigroup Inc. and Wells Fargo & Co. will be active after the Federal Reserve extended its dividend and buyback cap for Wall Street banks as a result of the coronavirus pandemic.

Ticker	Security	Last	Change	Change %
MSFT	MICROSOFT CORP.	212.38	+2.05	+0.97%
GOOGL	ALPHABET INC.	1,486.81	+21.21	+1.45%
AAPL	APPLE INC.	116.57	+0.76	+0.66%

Microsoft Inc. unveiled the new Surface Go laptop, aiming to undercut Google Chromebooks and Apple's MacBook Air. The laptop, which will start at $549, has a 12.4-inch display, Intel Core i5 processor, 64GB of storage and 4GB of RAM. Pre-orders are available now and will be available for sale on Oct. 13.

Ticker	Security	Last	Change	Change %
BBBY	BED BATH & BEYOND INC.	19.67	+4.69	+31.31%

Shares of Bed, Bath and Beyond Inc. soared more than 30% after the home-goods retailer posted its first positive same-store-sales growth since 2016, due to strong e-commerce sales.

On Wednesday, Google announced several new devices, including a new Google Chromecast with Google TV, Nest streaming speaker and several new versions of its Pixel smartphones.

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The yield on the 10-Year Treasury rose to 0.677%.

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Stocks steady as investors weigh stimulus talks - Fox Business
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